The co-founder of fast fashion retailer PrettyLittleThing Umar Kamani has acquired a 3% stake in its rival, Boohoo, a new filing with the London Stock Exchange has revealed.
Kamani, who stepped down as CEO of PrettyLittleThing in April after 10 years in the position, has snapped up the shares despite its recent financial results, which saw the Top500 retailer posting a loss of £90 million compared to a pre-tax profit of £7.8 million in the same period the previous year.
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Revenues dipped by 11% in the period from £1.98 billion to £1.77 billion, however, this figure is still ahead of the £1.23 billion the fashion retailer reported in 2020.
The move follows Mike Ashley owned Frasers Group increasing its stake in Boohoo to 7.8% from 6.8%, amid its acquisition spree, which has seen the group buying shares in retailers including AO, Currys and Asos.
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Boohoo also features in the Europe Top1000, Global Elite Top1000, UK Top500 reports.
